Savings Goal Calculator

Enter your target, what you have already, how long you have and an interest rate if your savings earn one. The calculator finds the monthly amount that reaches the goal.

Savings goal

Leave blank or 0 for no interest.

Monthly deposit needed442.79
Total you deposit (incl. current savings)
11,627.04
Interest earned
372.96
Time to goal
2 years

Working

  1. Monthly rate i = 0.25%
  2. Current savings grow to 1,000.00 × (1 + i)^24 = 1,061.76
  3. Each 1 deposited monthly grows to 24.7028
  4. Deposit = (12,000.00 − 1,061.76) ÷ 24.7028 = 442.79

Assumes a deposit at the end of every month and a constant interest rate. Real returns on savings or investments vary and are not guaranteed.

The formula

D = (FV − PV × (1 + i)^m) × i ÷ ((1 + i)^m − 1)

D
monthly deposit
FV
target amount
PV
amount already saved
i
monthly interest rate
m
number of months

With no interest this is simply (FV − PV) ÷ m.

Worked example

12,000 in 2 years, starting from 1,000, with no interest

  1. Still needed: 12,000 − 1,000 = 11,000
  2. Months: 24
  3. 11,000 ÷ 24 = 458.33

Set aside 458.33 a month.

Tips for using the result

  • Round the monthly amount up slightly to leave a buffer.
  • If the rate on your savings can change, try a lower rate to see a cautious figure.
  • For a fixed number of payments instead of monthly, divide the amount still needed by the number of payments (ignoring interest).